IPA brokers grocery-anchored regional power center sale in CNJ

HAMILTON TOWNSHIP, NJ — Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Hamilton Marketplace, a grocery-anchored regional power center in Hamilton Twp. The center sold for a total consideration of over $100 million, making it the largest single-asset open-air shopping center transaction to close in NJ since 2017.

Brad Nathanson, IPA executive director, and JP Colussi, IPA senior director, represented the seller, SITE Centers, and procured the New Jersey-based buyer, Paramount Realty.

“Hamilton Marketplace is in the top 1% of most-visited shopping centers in the nation and one of the most-visited open-air shopping centers in New Jersey,” said Colussi. “Its high anchor retention and chain-leading sales volumes of top retailers make it one of the nation’s best-performing grocery-anchored power centers. Of the 17 original anchors, 13 are still in place, and in the past three years, nine anchor tenants exercised their contractual obligations.”

Constructed in phases beginning in the early 2000s, the center is anchored by a 65,155-square-foot ShopRite Supermarket. The tenant roster includes Kohl’s, Ross, Staples, Barnes & Noble, Michaels, Old Navy, Ulta, Burlington, and PetSmart.

“Retail fundamentals are the strongest that I have ever seen in my 20-year career,” Nathanson added. “They are driving institutions, REITs and all types of new private groups to push for the reallocation of portfolios into large format shopping centers.”

The last open-air shopping center to trade at over $100 million in New Jersey was Centerton Square in Mt. Laurel, N.J. in 2017. Nathanson and Colussi also represented the seller and procured the buyer in that transaction.